With the economy booming, no state income tax, and a growing tech sector, Texas is the best state for business this year.
Much has been made about Texas’ growing business environment. Austin, for example, has a tech sector that is growing and showing no signs of slowing down. However, on the heels of a resurgent economy and lower corporate taxes, Texas is the best state for business according to CNBC.
Some of that comes from a booming fuel and energy market. Oil and gas of course, are one of Texas’ most prized industries and their largest export.
“The Texas economy remains in a broad-based expansion,” said Dallas Federal Reserve economists Christopher Slijk and Jason Saving in a recent report. “The state’s energy sector continues to boom, and areas of the state tied to oil and gas are growing at their strongest pace since 2014.”
In the past year, Texas has created 350,000 jobs. That’s essentially one out of every seven new jobs created in the country over that time. Most of them are in the energy sector. Texas is home to several large companies such as ExxonMobil. AT&T, Texas Instruments, and other heavy hitters also call the lone star state home.
Others Making the List
Texas is the best state for business, but it’s not the only one on the list. Washington State, Utah, Virginia, and Colorado made up the top 5. Washington topped CNBC’s list last year, but poor infrastructure and higher costs caused it to stumble out of the top position.
Utah and Colorado fared well and both have burgeoning tech sectors of their own to brag about. However, housing has become a problem and Colorado has a labor shortage. Virginia is likewise booming but is being hamstrung by costs brought on by regulations. Many of which are being reformed or phased out over the next several years.
Moving to Texas?
Since Texas is the best state for business, we all ought to move there, right? Well, not so fast. Before moving anywhere, it’s important to consider the impact that move will have on your cost of living.
Texas is doing great, and moving there to start a business sounds like a great idea. However, what about Colorado? Colorado currently has a labor shortage which is driving up wages. Might that not be a good move?
Thankfully, City vs City can show you the impact such a move would have on your cost of living. Simply download the app, input your data, and compare your expenses with another city. As a result, you’ll see a side by side comparison of costs.
Which is better? Dallas, Texas or Boulder, Colorado? Well, download City vs City and see which state is the best state for you!